Aker is one of the first companies to begin exploring Bitcoin’s use as an “economic battery” after investing $58 million in its BTC-focused subsidiary Seetee.
Bitcoin as an Economic Battery
Aker ASA’s owner Kjell Inge Røkke penned his thoughts on Bitcoin in a 23-page investor letter, covering Bitcoin’s relevance in the financial and energy sector.
The 62-year old billionaire believes that Bitcoin could be several things from a financial instrument to an energy battery.
According to Røkke, Bitcoin can be used as a storage device to increase renewable energy sources’ efficiency.
The problem with renewable energy like solar, wind, or hydroelectric power is that they are generated in remote areas. The transmission and storage of renewable energy is the biggest roadblock to its growth.
While Bitcoin cannot bend physics laws to run a water heater, the mining process can convert the excess electricity to Bitcoin. This stored value in economic batteries can be used to scale renewable energy plants.
Blockstream is now in partnership with @Seetee_io (parent @akersolutions) to build solutions for harnessing stranded energy sources & boosting power grid efficiency with #Bitcoin mining, & financial products for industrial applications with @Liquid_BTC. ⛏️ https://t.co/p3OcVLQJnD pic.twitter.com/Sog50LCX0C
— Blockstream (@Blockstream) March 8, 2021
Aker is not the first electricity producer to introduce Bitcoin mining to improve cost efficiency. Iran and Russia have established similar Bitcoin mining plants near local plants.
In the past, companies in Japan and Australia have also attempted …
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